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Sunday, 19 June 2016

EGP 11.02 in the parallel market

The EGP weakened in the parallel market to EGP 11.02 to USD 1.00, breaking the EGP 11.00 mark for the third time in two months. FX bureaus speaking to Al Mal could not pinpoint the factors behind the EGP’s trajectory in the past week, but Hamdy Naggar, head of the Importers Division at the Federation of Chambers of Commerce, believes the lack of a sustainable long-term solution to the FX crisis is undermining the government’s clampdown of FX bureaus, as importers see no alternative but the parallel market.

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